A question I need help with:You deposit $5,000
A question I need help with:
You deposit $5,000 in a
one year CD that offers a 9.0% rate of return compounded daily. What will the CD be worth at maturity?
The following is the answer provided in the class, but I cannot get it to work for me in excel. I got $5,001.23.
On a financial calculator with 1 as the n, $5,000 as the PV, and 9.0% as the r, FV is $5,470.81